The question was asked of a talking head “How can you call it a tax cut if you are eliminating things like deductions of student loans and state taxes?” The answer given was “Well you have to make up for the lost revenue some where?” OK if that’s how you are structuring it then it’s NOT A TAX CUT. At least it isn’t for many Americans. You know, the ones who were supposed to get a break.
Any good Conservative knows that the real problem in America is that the poor have too much money and the rich don’t have enough. Trump will correct that imbalance.
The Republican tax bill is often described as being weighted toward “the rich.” But that’s not the full story.
It’s actually weighted toward the loafer, the freeloader, the heir, the passive investor who spends his time yachting and charity-balling.
In short: the idle rich.
Rich layabouts benefit in multiple ways from the proposal.
The most obvious way is the repeal of the estate tax, which currently affects only estates worth at least $5.49 million, or roughly the wealthiest 0.2 percent of Americans who die each year.
Eliminating estate taxes paid by the very wealthy few seems unlikely to improve their work ethic. If anything, increasing the value of their bequests will make it less attractive for heirs and heiresses to hold down a job or start a company that they actually run.
This is hardly the only way that the Republican tax proposal would reward passively received income. The big cut in corporate tax rates and the corporate repatriation holiday also disproportionately benefit passive owners of capital rather than workers.
But the bill’s differential treatment of those who work and those who don’t is starkest in provisions related to “pass-through” entities.
Amazingly, the bill released by House Republican leaders will increase taxes for families that have at least one child and make less than $100,000. Senate Majority Leader Mitch McConnell has promised the middle class will get a tax increase under the new GOP plan. The Tax plan will increase taxes on middle-class workers. Taxes are expected to go down for the richest taxpayers under the plan, while the middle class will see taxes rise.
Congressional republicans have maintained and will continue to maintain that their bills, both Senate and House, represent tax ‘cuts’, ON THE WHOLE! The truth is that the only true benefactors of EITHER bill will be the wealthy. I also suspect that the final bill, after reconciliation between the House and Senate, will accomplish at least TWO things. The first is that the resultant ‘compromise’ bill will combine the worse parts of each individual bill! The second is that what agreed to by the republicans will raise the debt by AT LEAST 1 to 2 trillion dollars over the next 10 years! You see, republicans only care about the debt when there’s a democrat in the White House!
On another level, I understand that Donnie is calling “something” the “Cut, Cut, Cut” Tax Plan, though I cannot personally verify that because I’ve stopped listening to the man because his constantly incessant lying makes me tired and depressed.
I, for one, am totally tired of winning under this president. This has been one of the longest years of my life. I’ve always been told that as you get older, time goes by faster. It’s not working this year.
Striped Cat over 6 years ago
The question was asked of a talking head “How can you call it a tax cut if you are eliminating things like deductions of student loans and state taxes?” The answer given was “Well you have to make up for the lost revenue some where?” OK if that’s how you are structuring it then it’s NOT A TAX CUT. At least it isn’t for many Americans. You know, the ones who were supposed to get a break.
NeoconMan over 6 years ago
Any good Conservative knows that the real problem in America is that the poor have too much money and the rich don’t have enough. Trump will correct that imbalance.
Silly Season over 6 years ago
(Repost)
https://www.washingtonpost.com/opinions/who-wins-biggest-in-the-gop-tax-plan-the-lazy-rich/2017/11/06/0d010482-c337-11e7-84bc-5e285c7f4512_story.html
The Republican tax bill is often described as being weighted toward “the rich.” But that’s not the full story.
It’s actually weighted toward the loafer, the freeloader, the heir, the passive investor who spends his time yachting and charity-balling.
In short: the idle rich.
Rich layabouts benefit in multiple ways from the proposal.
The most obvious way is the repeal of the estate tax, which currently affects only estates worth at least $5.49 million, or roughly the wealthiest 0.2 percent of Americans who die each year.
Eliminating estate taxes paid by the very wealthy few seems unlikely to improve their work ethic. If anything, increasing the value of their bequests will make it less attractive for heirs and heiresses to hold down a job or start a company that they actually run.
This is hardly the only way that the Republican tax proposal would reward passively received income. The big cut in corporate tax rates and the corporate repatriation holiday also disproportionately benefit passive owners of capital rather than workers.
But the bill’s differential treatment of those who work and those who don’t is starkest in provisions related to “pass-through” entities.
Mr. Blawt over 6 years ago
Amazingly, the bill released by House Republican leaders will increase taxes for families that have at least one child and make less than $100,000. Senate Majority Leader Mitch McConnell has promised the middle class will get a tax increase under the new GOP plan. The Tax plan will increase taxes on middle-class workers. Taxes are expected to go down for the richest taxpayers under the plan, while the middle class will see taxes rise.
wellis1947 Premium Member over 6 years ago
Congressional republicans have maintained and will continue to maintain that their bills, both Senate and House, represent tax ‘cuts’, ON THE WHOLE! The truth is that the only true benefactors of EITHER bill will be the wealthy. I also suspect that the final bill, after reconciliation between the House and Senate, will accomplish at least TWO things. The first is that the resultant ‘compromise’ bill will combine the worse parts of each individual bill! The second is that what agreed to by the republicans will raise the debt by AT LEAST 1 to 2 trillion dollars over the next 10 years! You see, republicans only care about the debt when there’s a democrat in the White House!
On another level, I understand that Donnie is calling “something” the “Cut, Cut, Cut” Tax Plan, though I cannot personally verify that because I’ve stopped listening to the man because his constantly incessant lying makes me tired and depressed.
Sadandconfused9 over 6 years ago
I, for one, am totally tired of winning under this president. This has been one of the longest years of my life. I’ve always been told that as you get older, time goes by faster. It’s not working this year.